Of course, we blockaded it to ensure it couldn't be supplied, so they all starved. And, of course, they'd sunk pretty much their entire national wealth in this hare-brained scheme, so when it went tits up, they were brassic and came crawling to us - hence the Act of Union.
Bankrupting their entire country in a get-rich-quick scheme should also have been something of a blow to their reputation for financial prudence, you'd have thought. Basically, without us there to look after them, they're Greece but with slightly better food*.
*One for Nic, there - just in case he's lurking.
It’s boracic b. As in boracic lint..